HAWAII BILL OF SALE OF BOAT / VESSEL (SOLD "AS IS" WITHOUT WARRANTY)

About this Form: A bill of sale is a written agreement by which one
party assigns or transfers its rights or interest in property to another party.
This form below is designed for use on upon the sale of a boat or vessel. Such a bill of sale is needed to confirm a party's
ownership in the boat, which is often needed when trying to obtain insurance or
otherwise proving ownership.

BILL OF SALE OF BOAT / VESSEL(Sold "As-Is" without Warranty)

Hawaii Bill of Sale of Boat / Vessel(Sold "As-Is" without Warranty)
STATE OF HAWAII COUNTY OF ________________

KNOW ALL PERSONS BY THESE PRESENTS:

THAT I, ________________________________________________ [seller's name],
("Seller"), of ___________________________________________________________
[seller's address], County of ________________, Hawaii, in
consideration of a Promissory Installment Note for $
___________________________________________________________ dollars
($_________________) and a down payment of $
___________________________________________________________ dollars
($_________________), receipt of payment acknowledged, do hereby sell and
transfer to ________________________________________________ [buyer's name],
("Buyer"), of ___________________________________________________________
[buyer's address], County of ________________, Hawaii,
his/her successors and assigns, the following boat ("Boat"), which is
located in the County of ________________, Hawaii:

Make:

Model:

Year:

Length:

Registration, CF or Document #:

Serial or Hull ID #:

General Boat Type:

To have and to hold the same unto Buyer and Buyer's executors,
administrators, and assigns, forever.

DESCRIPTION OF ENGINE. The Seller represents that the Boat
contains the following engine(s):
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
[In the lines above, include a description of the Boat's engine(s), such as the make,
model, year, type, hours, and serial numbers.]

DESCRIPTION OF EQUIPMENT. The Seller represents that the Boat
contains the following equipment:
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
[In the lines above, include a description of the Boat's equipment, such as any
deck equipment, electronics, navigation equipment, safety equipment, sails and rigging.]

WARRANTY OF OWNERSHIP. The Seller
warrants that the Seller is the true and lawful owner of the Boat, and that
the Boat is free of any and all legal claims, encumbrances, and offsets by
others. Further, the Seller warrants that the Seller will defend the Buyer
against any and all lawful claims and demands whatsoever in relation to this
bill of sale.

DISCLAIMER OF ALL OTHER WARRANTIES. OTHER THAN THE SELLER'S WARRANTY OF OWNERSHIP STATED ABOVE, THE BUYER TAKES THE
BOAT, ENGINE(S), AND EQUIPMENT "AS-IS" WITHOUT ANY WARRANTIES, EXPRESS OR IMPLIED, AS TO THEIR CONDITION. THE BUYER HAS PERSONALLY INSPECTED THE
BOAT, ENGINE(S), AND EQUIPMENT AND ACCEPTS THEM "AS-IS".

ADDITIONAL TERMS OF SALE. The Seller and Buyer agree to the
following additional terms in conjunction with this bill of sale:
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________

Seller:

________________________
Signature

Printed Name: _______________________

Buyer:

________________________
Signature

Printed Name: _______________________

STATE OF HAWAII COUNTY OF ________________

SWORN TO AND SUBSCRIBED BEFORE ME, this the ____ day of ________________,
20____.

____________________________
NOTARY PUBLIC

My Commission Expires: ________________

About this Form: The Seller and the Buyer may separately complete the following
Promissory Installment Note on a new page (or set of pages), if they wish to
formalize the payment terms and conditions, associated with this bill of sale.

PROMISSORY INSTALLMENT NOTE

STATE OF HAWAII COUNTY OF ________________

RECITATIONS:

Date:

Borrower/Buyer:

Borrower/Buyer's Address:

Payee/Seller:

Place for Payment:

Principal Amount:

Term:

Monthly Payments:

________________________________

________________________________

________________________________

________________________________

________________________________

________________________________

________________________________

$_______________________________

________________________ (months)

$_______________________________

This PROMISSORY INSTALLMENT NOTE ("Note") is given to secure the
payment of the purchase price of the following boat ("Boat"):

Make:

Model:

Year:

Length:

Registration, CF or Document #:

Serial or Hull ID #:

General Boat Type:

1. TRANSFER OF TITLE. [choose option:]
______ The Seller shall retain title to the Boat until all debts and
obligations under this Note have been satisfied in full, or ______ The Seller
transfers title to the Boat to the Buyer upon execution of this Note, but the
Seller shall retain a security interest in the Boat, and the Seller shall be
listed as a secured lender on the title to the Boat until all debts and
obligations under this Note have been satisfied in full. (NOTE: IF THE SECOND OPTION IS SELECTED, THEN THE BUYER MUST SEPARATELY SIGN THE "SECURITY AGREEMENT" FORM BELOW.)

2. INTEREST RATE: [choose option:]
______ Annual interest rate on matured,
unpaid amounts shall be the maximum amount permitted by the Laws of the State of Hawaii,
or ______ annual interest rate on matured unpaid amounts shall be set at
______ percent , or no interest shall accrue on matured, unpaid amounts.

3. PAYMENT TERMS. This Note is due and payable as
follows, to-wit: _____________________ (_____) [insert number of payments]
equal monthly payments of $__________________ principal [insert monthly
payment amount]. The first such payment due and payable on the 1st
day of _____________________ , 20____, and a like installment shall be due and
payable on the same day of each succeeding month thereafter until the total
principal of $__________________ principal [insert total principal
amount] is paid in full. If each payment is not paid on time, the remaining
balance will be subject to the maximum amount of interest permitted by the Laws
of the State of Hawaii.

4. BORROWER'S PRE-PAYMENT RIGHT. Borrower reserves the
right to prepay this Note in whole or in part, prior to maturity, without
penalty.

5. PLACE FOR PAYMENT. Borrower promises to pay to the
order of Payee at the place for payment and according to the terms for payment
the principal amount plus interest at the rates stated above. All unpaid amounts
shall be due by the final scheduled payment date.

6. DEFAULT AND ACCELERATION CLAUSE. If Borrower
defaults in the payment of this Note or in the performance of any obligation,
and the default continues after Payee gives Borrower notice of the default and
the time within which it must be cured, as may be required by law or written
agreement, then Payee may declare the unpaid principal balance and earned
interest on this Note immediately due. Borrower and each surety, endorser, and
guarantor waive all demands for payment, presentation for payment, notices of
intentions to accelerate maturity, notices of acceleration of maturity,
protests, and notices of protest, to the extent permitted by law.

7. INTEREST ON PAST DUE INSTALLMENTS AND CHARGES.
All past due installments of principal and/or interest and/or all other past-due
incurred charges shall bear interest after maturity at the maximum amount of
interest permitted by the Laws of the State of Hawaii until
paid. Failure by Borrower to remit any payment by
the 15th day following the date that such payment is due entitles the
Payee hereof to declare the entire principal and accrued interest immediately
due and payable. Payee's forbearance in enforcing a right or remedy as set
forth herein shall not be deemed a waiver of said right or remedy for a
subsequent cause, breach or default of the Borrower's obligations herein.

8. INTEREST. Interest on this debt evidenced by this
Note shall not exceed the maximum amount of non-usurious interest that may be
contracted for, taken, reserved, charged, or received under law; any interest in
excess of the maximum shall be credited on the principal of the debt or, if that
has been paid, refunded. On any acceleration or required or permitted
prepayment, any such excess shall be canceled automatically as of the
acceleration or prepayment or, if already paid, credited on the principal of the
debt or, if the principal of the debt has been paid, refunded. This provision
overrides other provisions in this instrument (and any other instruments)
concerning this debt.

9. FORM OF PAYMENT. Any check, draft, Money Order, or
other instrument given in payment of all or any portion hereof may be accepted
by the holder and handled in collection in the customary manner, but the same
shall not constitute payment hereunder or diminish any rights of the holder
hereof except to the extent that actual cash proceeds of such instruments are
unconditionally received by the payee and applied to this indebtedness in the
manner elsewhere herein provided.

10. ATTORNEY'S FEES. If this Note is given to an
attorney for collection or enforcement, or if suit is brought for collection or
enforcement, or if it is collected or enforced through probate, bankruptcy, or
other judicial proceeding, then Borrower shall pay Payee all costs of collection
and enforcement, including reasonable attorney's fees and court costs in
addition to other amounts due.

11. SEVERABILITY. If any provision of this Note or the
application thereof shall, for any reason and to any extent, be invalid or
unenforceable, neither the remainder of this Note nor the application of the
provision to other persons, entities or circumstances shall be affected thereby,
but instead shall be enforced to the maximum extent permitted by law.

12. BINDING EFFECT. The covenants, obligations and
conditions herein contained shall be binding on and inure to the benefit of the
heirs, legal representatives, and assigns of the parties hereto.

13. DESCRIPTIVE HEADINGS. The descriptive headings used
herein are for convenience of reference only and they are not intended to have
any effect whatsoever in determining the rights or obligations under this Note.

14. CONSTRUCTION. The pronouns used herein shall
include, where appropriate, either gender or both, singular and plural.

15. GOVERNING LAW. This Note shall be governed,
construed and interpreted by, through and under the Laws of the State of Hawaii.

Borrower is responsible for all obligations represented by
this Note.

EXECUTED this __________ day of _______________________,
20_____.

[Payee/Seller's Signature:]

__________________________

Payee/Seller's Printed or Typed Name:]

__________________________

[Borrower/Buyer's Signature:]

__________________________

[Borrower/Buyer's Printed or Typed Name:]

__________________________

Please type or print carefully:

Payee/Seller's Information

Borrower/Buyer's Information

First & Last Name:

Address, Line 1:

Address, Line 2:

City:

State:

Zip:

About this Security Agreement Form: The form below is necessary
only if the parties selected the second option in Paragraph #1 of the Promissory Installment Note
(immediately above). In addition to the Security Agreement, it is
recommended that the parties complete and file the necessary UCC forms:
(1) the Seller (a.k.a. the Secured party) should complete the UCC Financing Statement (Form UCC1), (2) the Buyer (a.k.a. Debtor)
should sign it, and (3) the Seller should file it
with the appropriate state agency within the State of Hawaii. (Form UCC1AD andForm UCC1AP
are available in the event you have additional Debtor or Secured party names that you wish
to add. These supplementary forms should also be filed along with Form UCC1.)

SECURITY AGREEMENT

This SECURITY AGREEMENT is made on this _____ day of
____________________, 20_____ between
__________________________________________________ ("Debtor") and
__________________________________________________ ("Secured Party").

1. SECURITY INTEREST. Debtor grants to Secured Party a security
interest in the following Vehicle, until such time as the Promissory Note for
said vehicle is satisfied and paid in full:

Make:

Model:

Year:

Length:

Registration, CF or Document #:

Serial or Hull ID #:

General Boat Type:

2. COVENANTS. Debtor hereby warrants and covenants: Debtor shall
maintain insurance at all times with respect to all collateral against risks of
fire, theft, and other such risks and in such amounts as Secured Party may
require. The policies shall be payable to both the Secured Party and the Debtor
as their interests appear and shall provide for ten (10) days written notice of
cancellation to Secured Party.

3. DEFAULT. The Debtor shall be in default under this Agreement
upon the happening of any of the following: (a) any misrepresentation in
connection with this Agreement on the part of the Debtor. (b) any noncompliance
with or nonperformance of the Debtor's obligations under the Note or this
Agreement. (c) if Debtor is involved in any financial difficulty as evidenced by
(i) an assignment for the benefit of creditors, or (ii) an attachment or
receivership of assets not dissolved within thirty (30) days, or (iii) the
institution of Bankruptcy proceedings, whether voluntary or involuntary, which
is not dismissed within thirty (30) days from the date on which it is filed.
Upon default and at any time thereafter, Secured Party may declare all
obligations secured hereby immediately due and payable and shall have the
remedies of a Secured Party under the Uniform Commercial Code. Secured Party may
require the Debtor to make it available to Secured Party at a place that is
mutually convenient. No waiver by Secured Party of any default shall operate as
a waiver of any other default or of the same default on a future occasion. This
Agreement shall inure to the benefit up and bind the heirs, executors,
administrators, successors, and assigns of the parties. This Agreement shall
have the effect of an instrument under seal.

By:

______________________________________________
Signature of Debtor

Date:______________

NOTE: THE PARTIES MUST FILE THE FINANCING STATEMENT WITHIN FIVE (5) DAYS FROM
DATE WITH THE APPROPRIATE STATE AGENCY WITHIN THE STATE OF HAWAII.

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